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IMPORTANT DISCLOSURE FOR U.S. INVESTORS: This document is prepared by Mediobanca Securities, the equity research department of Mediobanca S.p.A. (parent company of Mediobanca Securities USA LLC (“MBUSA”)) and it is distributed in the United States by MBUSA which accepts responsibility for its content. The research analyst(s) named on this report are not registered / qualified as research analysts with Finra. Any US person receiving this document and wishing to effect transactions in any securities discussed herein should do so with MBUSA, not Mediobanca S.p.A.. Please refer to the last pages of this document for important disclaimers.
Tesmec
08 August 2017 Diversified Industrials Change in Estimates
First signals of cash conversion Alessandro Tortora
Equity Analyst
Results in line. Full year guidance fine tuned
Tesmec reported 1H17 results in line with our estimates. The group matched its
target in terms of sales and recurring EBITDA was in line with our estimate. In
the first half, stringing equipment (+44% yoy) and railway (c.3x) reported a
positive set of numbers, while the €2m contribution at EBITDA level of Marais
and the trenching business was modest. At bottom line level, the €3.1m FX
headwind, mainly due to the USD depreciation, materially affected the result in
the first half of the year. 1H17 net debt was the positive news, dropping to
€91.5m (from €97m in 1Q17), better than our estimate of €93m, due to a more
efficient WC management that included significant destocking. Following the
results, the company fine-tuned its FY guidance and is now expecting higher top
line growth and a 1pp lower EBITDA margin (from 15% to 14%).
Bottom line burdened by USD weakness...
After a decent quarter, we expect the company to keep its double-digit top line
growth in the second half of the year, as confirmed in the guidance update. The
stringing equipment business should continue its positive momentum, thanks to
the improving quality of the backlog (focused on smaller projects) and new
orders from South America (Brazil). The railway business should be another key
growth driver, both at the top line and at operating level. Despite a slow start,
we estimate Marais will keep its double-digit revenues growth and expand its
margin in 2H17, due to stronger project execution. Trenching equipment
remains the risky part of this story, even if going forward this business should
benefit from an easy comparison yoy (extremely weak 4Q16). At the EBITDA
level, we stick to our recurring EBITDA margin forecast of c.13%. At the bottom
line level, we now expect the company to be in the red this year, factoring in
€2.5m FX losses. On 2018, we cut EPS by 20% owing chiefly to higher D&A.
...but cash conversion finally in a better shape
The improvement in FCF reported in 1H17 is more than welcome considering the
high net debt level of the company. For FY17 we expect this positive trend to
continue, closing with €89m of net debt by YE (from €96.7m in FY16). However,
the high level of the inventories remains an item to be closely monitored. We
improved our cash flow assumptions to factor in a better WC containment, with
a ratio on sales of c.42%.
Need for further delivery. Neutral confirmed with TP of €0.62/sh
On the back of the 1H17 results, we adjust our 2017-18 estimates marginally,
increasing the top line (c.3%) while keeping unchanged our overall assumptions
on recurring operating margins. Our target price lands at €0.62/share (from
€0.60) as the sum of: 1) €0.65/share based on DCF analysis; and 2) €0.58/share
from peer multiple comparison. We still attach good growth potential to the
company’s product range, however, in order to be more positive we need a
better balance between top line growth and working capital management. We
confirm our Neutral recommendation.
+39 02 8829 673
Alessandro.Tortora@mediobanca.com
Giuseppe Grimaldi
Equity Analyst
+39 02 8829 412
Giuseppe.Grimaldi@mediobanca.com
Source: Mediobanca Securities
Price: € 0.50 Target price: € 0.62 Neutral
2016 2017E 2018E 2019E
EPS Adj (€) -0.06 -0.01 0.03 0.04
DPS (€) 0 0 0 0
BVPS (€) 0.45 0.43 0.45 0.50
EV/Ebitda(x) 18.0 7.5 6.0 5.3
P/E adj (x) nm nm 18.6 12.0
Div.Yield(%) 0.0% 0.0% 0.0% 0.0%
OpFCF Yield (%) -2.1% 6.1% 3.5% 5.3%
Market Data
Market Cap (€m) 54
Shares Out (m) 107
FI.IND and TTC S.r.l (%) 43%
Free Float (%) 57%
52 week range (€) 0.56-0.46
Rel Perf vs DJGL Italy DJ Total Market Italy (%)
-1m -6.2%
-3m -3.2%
-12m -23.5%
21dd Avg. Vol. 164,380
Reuters/Bloomberg TES.MI / TES IM
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Tesmec
08 August 2017 ◆ 2
Price: € 0.50 Target price: € 0.62 Neutral
Valuation Matrix
Source: Mediobanca Securities
Source: Mediobanca Securities
Profit & Loss account (€ m) 2016 2017E 2018E 2019E Multiples 2016 2017E 2018E 2019E
Turnover 129 162 168 173 P/E Adj. nm nm 18.6 12.0
Turnover growth % -21.8% 26.4% 3.5% 3.0% P/CEPS 6.3 4.9 3.3 3.0
EBITDA 9 19 23 25 P/BV 1.2 1.2 1.1 1.0
EBITDA margin (%) 6.6% 11.7% 13.7% 14.5% EV/ Sales 1.2 0.9 0.8 0.8
EBITDA growth (%) -64.6% nm 21.1% 8.6% EV/EBITDA 18.0 7.5 6.0 5.3
Depreciation & Amortization -13 -13 -13 -13 EV/EBIT nm 24.5 14.1 11.4
EBIT -4 6 10 12 EV/Cap. Employed 1.0 1.1 1.0 1.0
EBIT margin (%) -3.4% 3.6% 5.8% 6.7% Yield (%) 0.0% 0.0% 0.0% 0.0%
EBIT growth (%) nm nm 69.1% 17.5% OpFCF Yield (%) -2.1% 6.1% 3.5% 5.3%
Net Fin.Income (charges) -4 -7 -6 -5 FCF Yield (%) nm 21.0% 9.0% 12.9%
Non-Operating Items 2 -3 0 0
Extraordinary Items -0 0 0 0
Pre-tax Profit -7 -3 4 6 Per Share Data (€) 2016 2017E 2018E 2019E
Tax 3 1 -1 -2 EPS -0.04 -0.02 0.03 0.04
Tax rate (%) 43.9% 29.0% 29.0% 29.0% EPS growth (%) nm 38.0% nm 54.4%
Minorities -0 -0 -0 -0 EPS Adj. -0.06 -0.01 0.03 0.04
Net Profit -4 -2 3 4 EPS Adj. growth (%) nm 78.7% nm 54.4%
Net Profit growth (%) nm 38.0% nm 54.4% CEPS 0.08 0.10 0.15 0.17
Adjusted Net Profit -6 -1 3 4 BVPS 0.45 0.43 0.45 0.50
Adj. Net Profit growth (%) nm 78.7% nm 54.4% DPS Ord 0 0 0 0
Balance Sheet (€ m) 2016 2017E 2018E 2019E Key Figures & Ratios 2016 2017E 2018E 2019E
Working Capital 76 69 72 74 Avg. N° of Shares (m) 107 107 107 107
Net Fixed Assets 70 66 62 57 EoP N° of Shares (m) 107 107 107 107
Total Capital Employed 146 135 133 131 Avg. Market Cap. (m) 56 54 54 54
Shareholders' Funds 48 46 49 53 Enterprise Value (m) 153 143 138 132
Minorities 2 2 2 2 Adjustments (m) 0 0 0 0
Provisions -1 -2 -2 -2 Labour Costs/Turnover 27% 21% 21% 20%
Net Debt (-) Cash (+) -97 -89 -85 -78 Depr.&Amort./Turnover 10% 8% 8% 8%
Turnover / Op.Costs 1.1 1.1 1.2 1.2
Gearing (Debt / Equity) 194% 188% 168% 142%
Cash Flow (€ m) 2016 2017E 2018E 2019E EBITDA / Fin. Charges -2.1 -2.9 -4.1 -4.9
Cash Earnings 9 11 16 18 Net Debt / EBITDA 11.3 4.7 3.7 3.1
Working Capital Needs -13 7 -2 -2 Cap.Employed/Turnover 114% 83% 79% 76%
Capex (-) -17 -9 -9 -9 Capex / Turnover 13% 6% 5% 5%
Financial Investments (-) 0 0 0 0 Pay out 0% 0% 0% 0%
Dividends (-) -3 0 0 0 ROE nm nm 6% 8%
Other Sources / Uses 16 -1 -0 -0 ROCE (pre tax) nm 4% 7% 9%
Ch. in Net Debt (-) Cash (+) -7 8 4 7 ROCE (after tax) nm 3% 5% 6%
0.450
0.500
0.550
0.600
0.650
0.700
A S O N D J F M A M J J
Tesmec DJGL Italy DJ Total Market Italy
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Tesmec
08 August 2017 ◆ 3
Price: € 0.50 Target price: € 0.62 Neutral
1H17: Results in line, better FCF Last Friday (4 August) the company reported its 1H17 results, updating its FY outlook.
Looking at P&L, 1H17 revenues and recurring EBITDA matched our estimates. However,
reported EBITDA fell below our estimates reflecting the impact of an unfavourable legal ruling
in the US. The bottom line was strongly affected by FX headwinds, leading to a negative
result. On the balance sheet side, we highlight the positive FCF due to an improvement in
trade working capital.
Below are the main points:
1H17 revenues were €91m (+23% yoy) in line with our estimates. In 2Q17 the company fully
matched its top line guidance with sales growing 23% yoy, confirming the trend seen in the
previous quarter. By segment, stringing equipment (+44.2% yoy) benefited from a general
recovery in investment in the energy sector as well as from the completion of the Indonesian
order production activities. Trenchers’ slight growth (+3.7% yoy) was attributable to Marais,
which more than offset the drop in traditional selling activities. Railways continued the
positive trend;
1H17 reported EBITDA of €8.7m (+18.3%) was below our estimate of €10.0m. However, the
figure has been affected by the impact of non recurring items (a €1.7m legal claim in the
US);
1H17 net loss was in line with our estimates. The bottom line has been affected negatively
by c. €3m FX losses, which were partly offset by lower taxes;
1H17 net debt was €91.5m, from €96.7m in FY16. The FCF generation was mainly due to a
better control of the net working capital (€4.4m reduction in the level of the inventories),
which more than offset the higher than expected capex linked to Marais’ fleet maintenance.
Following the 1H17 results, the company updated its FY guidance, increasing its revenue
expectations, while slightly revising down its forecasted EBITDA margin. In more detail, the positive
development of the US market and the increasing number of projects for renewable energy and
telecommunications leads to a better outlook. Tesmec now aims to exceed the €160-170m
revenues’ range for the FY17. This compares with our estimate of €162m. However, the company
revised its expectation on EBITDA margin, which is now seen 1pp down, in the 14% region (from the
previous 15%; vs MBe now at 12.8%), reflecting the impact of FX on profitability rates. A further
reduction in net debt is also expected in 2H17.
2Q17 and 1H17 results
(€m) 2Q 2017A 2Q 2016 % ch. 2Q 2017E A/E 1H 2017A 1H 2016 % ch. 1H 2017E A/E
Total sales 41.3 33.5 +23.3% 41.0 +0.8% 91.1 74.0 +23.2% 90.8 +0.4%
EBITDA recurring 4.8 2.0 +137.4% 4.4 +9.4% 10.4 9.9 +5.6% 10.0 +4.1%
EBITDA margin 11.6% 6.0%
10.7%
11.4% 13.3%
11.0%
EBITDA reported 3.1 2.0 +53.0% 4.4 -29.5% 8.7 7.4 +18.3% 10.0 -12.9%
EBITDA margin 7.5% 6.0%
10.7%
9.6% 10.0%
11.0%
EBIT (0.5) (1.0) nm 1.3 nm 2.0 1.4 +39.0% 3.8 -47.3%
EBIT margin -1.3% -3.0%
3.1%
2.2% 2.0%
4.2%
Net profit (2.6) (1.2) nm (2.4) nm (1.8) (1.3) nm (1.5) nm
Net debt 91.5 104.8
92.5
91.5 104.8
92.5 -1.1%
Source: Mediobanca Securities
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Tesmec
08 August 2017 ◆ 4
Price: € 0.50 Target price: € 0.62 Neutral
2017-18: Change in estimates. Introducing our 2019 estimates Given the FX headwind and the material effects of non recurring items, we have changed our
FY17-FY18 estimates after the 1H17 figures, also factoring in the update on FY17 outlook
provided by the company. Note that we now present our FY19 estimates.
Below is a summary of the main changes.
Our change in estimates in detail:
Sales: We slightly increased our top line estimates for both FY17 and FY18, taking into
account the revision of the guidance and an improving outlook in all the main businesses;
EBITDA: We kept our recurring EBITDA unchanged for this year, while we cut the reported
EBITDA to €19.0m (-8.0% yoy) to reflect the negative impact of the US ruling. We also fine
tuned our EBITDA for the next year;
Net income: We revised down both our FY17-18 estimates to reflect a €2.5m negative
EBITDA impact of FX this year, while we raised our D&A estimates for next year following the
higher capex related to the Marais fleet;
Net debt: Going forward we expect the company to keep its commitment to deleveraging
following the positive results of 1H17. In our view the improvement in FCF comes from a
tighter control of the working capital due to destocking and an improvement in receivables
collection. We expect Tesmec to reach a net debt of €89m and €84m, in 2017 and 2018,
respectively.
Change in estimates
(€m) 2017E old 2017E new % Chg. 2018E old 2018E new % Chg. 2019E
Sales 158.3 162.5 2.6% 163.9 168.2 2.6% 173.2
Recurring EBITDA 20.7 20.7 0.2% 23.4 23.1 -1.3% 25.0
EBITDA margin recurring 13.1% 12.8%
14.3% 13.7%
14.5%
Reported EBITDA 20.7 19.0 -8.0% 23.4 23.1 -1.3% 25.0
EBITDA margin reported 13.1% 11.7%
14.3% 13.7%
14.5%
EBIT 8.5 5.8 -31.9% 11.0 9.8 -10.3% 11.6
EBIT margin 5.4% 3.6%
6.7% 5.8%
6.7%
Net profit 1.2 (2.4) nm 3.6 2.9 -19.6% 4.5
Net debt 93.2 89.1
86.7 84.6
78.0
Source: Mediobanca Securities
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08 August 2017 ◆ 5
Price: € 0.50 Target price: € 0.62 Neutral
Valuation update We update our valuation based on fundamentals, averaging the results obtained through multiples
and DCF analysis. This leads to a new TP of €0.62 per share from €0.60.
Peer multiple comparison As the tables below show, we applied the multiples valuation, taking into account both the FY17-18
EV/EBITDA multiples and the FY18 P/E of our peer cluster. We kept unchanged a fair 40% discount
due to Tesmec’s limited liquidity, high debt level and weaker track record. This leads to a fair
value of €0.58 per share, average of €0.76 (FY17-18 EV/EBITDA) and €0.41 (FY18 P/E).
A stronger WC discipline and a gradual deleveraging may narrow the current fair discount applied.
Summary valuation
Valuation
Average multiples 0.58
DCF 0.65
Target price 0.62
Source: Mediobanca Securities
EV/EBITDA valuation summary
2017 EV/EBITDA 2018 EV/EBITDA
INTERPUMP 12.1x 11.0x
IMA 17.3x 15.4x
Fair discount applied 40% 40%
Average 8.8x 7.9x
Tesmec EBITDA 19.03 21.80
Tesmec EV 167.8 172.5
Tesmec net debt 90.82 87.28
Tesmec equity value 76.98 85.26
Value per share 0.72 0.80
Average 0.76
Source: Mediobanca Securities
P/E valuation summary
2018
INTERPUMP 20.4x
IMA 30.4x
Fair discount applied 40%
Average 15.2x
Tesmec 2018 net profit 2.89
Tesmec equity value 44.0
Fair value 0.41
Source: Mediobanca Securities
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Price: € 0.50 Target price: € 0.62 Neutral
DCF analysis Based on our estimates, the DCF returns a fair value of €0.65. Our analysis is based on a WACC of
6.59% and on a perpetual growth rate of 1.0%. The table below summarises our DCF valuation.
On the back of the 1H17 results, we adjust our 2017-18 estimates, marginally increasing the top line
(c.3%) while keeping unchanged our overall assumptions on recurring operating margins. Our target
price lands at €0.62/share (from €0.60) as the sum of: 1) €0.65/share based on DCF analysis; and 2)
€0.58/share from peer multiple comparisons. We still attach a good growth potential to the
company product range, however, in order to be more positive we need a better balance between
top line growth and working capital management. We confirm our Neutral recommendation.
DCF summary
DCF ANALYSIS
Perpetual growth rate 1.00%
WACC 6.59%
Terminal value as of 31/12/21 148.0
Discounting rate of terminal value 0.77
Discounted terminal value 114.7
Cumulated DFOCF 48.9
Enterprise value (€m) 163.6
2016 net debt (96.7)
Own shares market value* 2.4
Equity value (€ mn) 69.3
Value per share (€) 0.65
Source: Mediobanca Securities,* priced as of 4 August
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Price: € 0.50 Target price: € 0.62 Neutral
GENERAL DISCLOSURES
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Disclaimer
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Price: € 0.50 Target price: € 0.62 Neutral
of conflicts of interest with respect to investment research are consistent with rules, regulations or codes applicable to the securities industry. The compensation of the analyst who prepared this report is determined exclusively by research management and senior management (not including investment banking). Analyst compensation is not based on investment banking revenues, however, compensation may relate to the revenues of Mediobanca S.p.A. as a whole, of which investment banking, sales and trading are a part.
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Unless otherwise stated in the text of the research report, target prices are based on either a discounted cash flow valuation and/or comparison of valuation ratios with companies seen by the analyst as comparable or a combination of the two methods. The result of this fundamental valuation is adjusted to reflect the analyst's views on the likely course of investor sentiment. Whichever valuation method is used there is a significant risk that the target price will not be achieved within the expected timeframe. Risk factors include unforeseen changes in competitive pressures or in the level of demand for the company's products. Such demand variations may result from changes in technology, in the overall level of economic activity or, in some cases, from changes in social values. Valuations may also be affected by changes in taxation, in exchange rates and, in certain industries, in regulations. All prices are market close prices unless differently specified.
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Not Rated (NR). Currently the analyst does not have adequate confidence about the stock’s total return relative to the average total return of the analyst’s industry (or industry team’s) coverage, on a risk-adjusted basis, over the next 6-12 months. Alternatively, it is applicable pursuant to Mediobanca policy in circumstances when Mediobanca is acting in any advisory capacity in a strategic transaction involving this company or when the company is the target of a tender offer.
Our recommendation relies upon the expected relative performance of the stock considered versus its benchmark. Such an expected relative performance relies upon a valuation process that is based on the analysis of the company's business model / competitive positioning / financial forecasts. The company's valuation could change in the future as a consequence of a modification of the mentioned items.
Please consider that the above rating system also drives the portfolio selections of the Mediobanca's analysts as follows: long positions can only apply to stocks rated Outperform and Neutral; short positions can only apply to stocks rated Underperform and Neutral; portfolios selection cannot refer to Not Rated stocks; Mediobanca portfolios might follow different time horizons.
Proportion of all recommendations relating to the last quarter
Outperform Neutral Underperform Not Rated
45.96% 40.44% 12.13% 1.47%
Proportion of issuers to which Mediobanca S.p.A. has supplied material investment banking services relating to the last quarter:
Outperform Neutral Underperform Not Rated
60.94% 58.62% 23.08% 100.00%
The current stock ratings system has been used since 1 July 2013. Before then, Mediobanca S.p.A. used a different system, based on the following ratings: outperform, neutral, underperform, under review, not rated. For additional details about the old ratings system, please access research reports dated before 1 July 2013 from the restricted part of the “MB Securities” section of the Mediobanca S.p.A. website at www.mediobanca.com.
Disclaimer
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Tesmec
08 August 2017 ◆ 9
Price: € 0.50 Target price: € 0.62 Neutral
COMPANY SPECIFIC REGULATORY DISCLOSURES
INVESTMENT AND ANCILLARY SERVICES In the last 12 months, Mediobanca S.p.A. or one or more of the companies belonging to its group has entered into agreements to deliver investment and ancillary services to Tesmec or one or more of the companies belonging to its group.
RATING The present rating in regard to Tesmec has not been changed since 06/03/2017. In the past 12 months, the rating on Tesmec has been changed. The previous rating, issued on 14/04/2015, was Outperform.
INITIAL COVERAGE
Tesmec initial coverage as of 21/09/2010.
COPYRIGHT NOTICE
No part of the content of any research material may be copied, forwarded or duplicated in any form or by any means without the prior consent of Mediobanca S.p.A., and Mediobanca S.p.A. accepts no liability whatsoever for the actions of third parties in this respect. END NOTES
The disclosures contained in research reports produced by Mediobanca S.p.A. shall be governed by and construed in accordance with Italian law. Additional information is available upon request.
The list of all recommendations disseminated in the last 12 months by Mediobanca's analysts is available here
Date of report production: 08 August 2017 - 07:31
Disclaimer Disclaimer Disclaimer Disclaimer
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Tesmec
08 August 2017 ◆ 10
Price: € 0.50 Target price: € 0.62 Neutral
Mediobanca S.p.A.
Antonio Guglielmi – Head of Equity Markets
+44 203 0369 570
antonio.guglielmi@mediobanca.com
Mediobanca S.p.A.
Andrea Filtri/Javier Suarez - Co - Heads of European Equity Research
(Reporting to the Group General Manager)
ANALYSTS
European Banks
Adam Terelak IBK +44 203 0369 574 adam.terelak@mediobanca.com
Alberto Nigro Spain/Italy +44 203 0369 575 alberto.nigro@mediobanca.com
Andrea Filtri Spain/Italy +44 203 0369 571 andrea.filtri@mediobanca.com
Noemi Peruch Spain/Italy +44 203 0369 645 noemi.peruch@mediobanca.com
Omar Fall France +44 203 0369 567 omar.fall@mediobanca.com
Riccardo Rovere Italy/Scandinavia/CEE/Germany +39 02 8829 604 riccardo.rovere@mediobanca.com
Robin van den Broek Benelux +44 203 0369 672 robin.vandenbroek@mediobanca.com
European Insurance
Gian Luca Ferrari Global multi-liners/Italy/Asset Gatherers +39 02 8829 482 gianluca.ferrari@mediobanca.com
Robin van den Broek Benelux +44 203 0369 672 robin.vandenbroek@mediobanca.com
Vinit Malhotra Global multi-liners/Reinsurers +44 203 0369 585 vinit.malhotra@mediobanca.com
Italian Research
Alessandro Pozzi Oil & Oil Related +44 203 0369 617 alessandro.pozzi@mediobanca.com
Alessandro Tortora Building Materials/Industrials/Capital Goods +39 02 8829 673 alessandro.tortora@mediobanca.com
Chiara Rotelli Branded Goods/Consumers Goods +39 02 8829 931 chiara.rotelli@mediobanca.com
Fabio Pavan Media/Telecommunications/Consumer Goods +39 02 8829 633 fabio.pavan@mediobanca.com
Gian Luca Ferrari Global multi-liners/Italy/Asset Gatherers +39 02 8829 482 gianluca.ferrari@mediobanca.com
Javier Suárez Utilities +39 028829 036 javier.suarez@mediobanca.com
Jean Farah Utilities +44 203 0369 665 jean.farah@mediobanca.com
Massimo Vecchio Auto & Auto Components/Industrials/Holdings +39 02 8829 541 massimo.vecchio@mediobanca.com
Niccolò Storer Auto & Auto Components/Industrials/Holdings +39 02 8829 444 niccolo.storer@mediobanca.com
Nicolò Pessina Consumer Goods/Infrastructure +39 02 8829 796 nicolo.pessina@mediobanca.com
Sara Piccinini Utilities +39 02 8829 295 sara.piccinini@mediobanca.com
Simonetta Chiriotti Real Estate/ Financial Services/Banks +39 02 8829 933 simonetta.chiriotti@mediobanca.com
FOR NON US PERSON receiving this document and wishing to effect transactions in any securities discussed herein, please contact:
Mediobanca S.p.A.
Carlo Pirri - Head of Equity Sales SALES
Angelo Vietri
+39 02 8829 989 angelo.vietri@mediobanca.com
Christopher Seidenfaden
+44 203 0369 610 christopher.seidenfaden@mediobanca.com
Lorenzo Angeloni
+39 02 8829 507 lorenzo.angeloni@mediobanca.com
Matteo Agrati
+44 203 0369 629 matteo.agrati@mediobanca.com
Nahid Iqbal
+44 203 0369 597 nahid.iqbal@mediobanca.com
Pierandrea Perrone
+39 02 8829 572 pierandrea.perrone@mediobanca.com
Timothy Pedroni
+44 203 0369 635 timothy.pedroni@mediobanca.com
Stephane Langlois
+44 203 0369 582 stephane.langlois@mediobanca.com
European Spec Sales
Carlo Pirri Banks/Insurance +44 203 0369 531 carlo.pirri@mediobanca.com
Alan Davies Banks/Insurance +44 203 0369 510 alan.davies@mediobanca.com
Colin Hector Banks/Insurance +44 203 0369 687 colin.hector@mediobanca.com
Mediobanca S.p.A.
Cedric Hanisch - Head of Equity Trading and Sales Trading
SALES/TRADERS
Andrew Westoby
+44 203 0369 513 andrew.westoby@mediobanca.com
Cedric Hanisch
+44 203 0369 584 cedric.hanisch@mediobanca.com
Michael Sherry
+44 203 0369 605 michael.sherry@mediobanca.com
Roberto Riboldi +39 02 8829 639 roberto.riboldi@mediobanca.com
FOR US PERSON receiving this document and wishing to effect transactions in any securities discussed herein, please contact:
Mediobanca Securities USA LLC
Pierluigi Gastone - Head of Mediobanca Securities USA LLC
Massimiliano Pula
+1 646 839 4911 massimiliano.pula@mediobanca.com
Pierluigi Gastone
+1 212 991 4745 pierluigi.gastone@mediobanca.com
Robert Perez
+1 646 839 4910 robert.perez@mediobanca.com
Mediobanca S.p.A.
Salvatore Guardino - Head of Corporate Broking
Enrico Baraldini
+39 02 8829 978 enrico.baraldini@mediobanca.com
Nicolo Bottaro
+39 02 8829 429 nicolo.bottaro@mediobanca.com
Salvatore Guardino
+39 02 8829 826 salvatore.guardino@mediobanca.com
Vito Pinto
+39 02 8829 542 vito.pinto@mediobanca.com
MEDIOBANCA – Banca di Credito Finanziario S.p.A. Piazzetta Enrico Cuccia, 1 - 20121 Milano - T. +39 02 8829.1 62 Buckingham Gate, London SW1E 6AJ – T. +44 (0) 203 0369 530
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